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EnWave Corporation Announces Changes To Its Executive Management Team

28/08/2018 | Press Release

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Aug 28th 18, 06:00

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) announces the promotion of Mr. Brent Charleton, CFA, to President and Chief Executive Officer. EnWave’s Board of Directors has also terminated the employment of Dr. Tim Durance due to differences in corporate strategy and direction. Mr. John P. A. Budreski, will continue as Executive Chairman.

Mr. Charleton has been leading EnWave’s business development and sales strategy in his current position as Senior Vice President, Business Development and Sales. Mr. Charleton has been a major contributor to the Company’s commercialization success and has been leading the proactive licensing strategy and deployment of EnWave’s Radiant Energy Vacuum (“REV™”) technology.

Dr. Durance has been instrumental to EnWave’s intellectual property development since starting the company in 1999. Dr. Durance is the co-inventor of EnWave’s REVTM technology and the co-author of the majority of EnWave’s patents. During his twenty years with the Company, he has helped EnWave transform from a research and development concern into a commercial-stage growth story that is licensing the world’s leading vacuum-microwave dehydration technology in several major markets. The future success of EnWave will be built upon the strong foundation of proprietary innovation created under the leadership of Dr. Durance.

The Board of Directors and the management and staff all wish the best for Dr. Durance in his future endeavors.

About EnWaveEnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products.

REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date, opening up nine distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Corporation, NutraDried Food Company, LLC, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.

EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:

1. nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;

2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and

3. quantaREV® which is used for continuous, high-volume low-temperature drying.

An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.